YCombinator Backed VertoFX Raises $2.1 Million Seed Funding

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Vertofx

Currency trading and payment startup VertoFX have confirmed picking up $2.1 million in seed round funding led by Accelerated Digital Ventures. VertoFX  is YCombinator graduate and had received a cheque of $150K in March earlier in the year from the US-based accelerator.

Started by Anthony Oduu and Ola Oyetayo, the company offers a B2B currency exchange marketplace focused on the emerging markets. Ever since its launch, the company has seen a month-on-month growth at 20 percent after processing millions of dollars in monthly transaction. The firm has managed to get approval from the Financial Conduct Authority (FCA) and has opened accounts in 19 currencies.

Ola Oyetayo, commenting about foraying in the emerging markets said, “We are in the early stages of helping businesses in emerging markets solve a significant problem they currently face and the funds we have raised will help put some fuel in our bus for the journey."

Oyetayo crediting Y Combinator for the support added that “We are glad to have them and everyone else that participated in the round on board and are especially thankful to YCombinator for teaching us to build something people want.”

Accelerate Digital Ventures investment lead Tong Gu talking about VertoFX said, “This will stand them in good stead as they embark on a huge mission and deliver their solution to the world's emerging markets. With the product, regulatory license and team already in place, the team has made great progress and we’re so excited to be part of this journey with them.”

 

Image Courtesy : ventureburn

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